INITIAL PUBLIC OFFERING OF 9 MILLION SHARES OF JOY TECHNOLOGIES INC. AT $17 PER SHARE
INITIAL PUBLIC OFFERING OF 9 MILLION SHARES
OF JOY TECHNOLOGIES INC. AT $17 PER SHARE
PITTSBURGH, Nov. 15 /PRNewswire/ -- Morgan Stanley & Co. Incorporated, The First Boston Corporation, and Goldman, Sachs & Co., as managers of the underwriting group, announced today the initial public offering of 9,000,000 shares of common stock of Joy Technologies Inc. at a price of $17 per share. 7,200,000 shares are being offered in the United States and Canada, and 1,800,000 shares are being offered internationally. All of the shares are being offered by the company. Joy Technologies will be listed on the New York Stock Exchange under the symbol JOY.
The net proceeds from the sale of the common stock will be used to finance the redemption of the company's exchangeable redeemable preferred stock and to pay accrued cumulative dividends in connection with the redemption of the company's junior preferred stock with the balance to be used, together with borrowings under a $325 million new bank facility, to retire existing indebtedness and for general corporate purposes.
Joy Technologies is the world's leading manufacturer and servicer of mining equipment for the underground extraction of coal, with facilities in the United States, South Africa, the United Kingdom and Australia. The company is also a major North American supplier of air pollution control and ash handling equipment used by electrical utilities and other industrial combustion operations.
The company was founded in 1918 and was publicly traded until 1987, when it was acquired by an investor group sponsored by Adler & Shaykin and management.
/CONTACT: Jim Grimshaw, vice president and treasurer of Joy Technologies, 412-562-4525/
(JOY) CO: Joy Technologies ST: Pennsylvania IN: MNG SU: OFR FC -- NY010 -- 1359 11/15/91 08:34 EST